Written by This phase is where your responsibilities as a trustee become most active. It requires careful decision-making to protect and grow the trust’s assets while adhering to the grantor’s wishes. Trust asset management and distribution are critical in fulfilling the trust’s purpose and ensuring beneficiaries receive their due.
Manage Investments & Property
Effectively managing trust assets is essential for preserving or increasing their value for the beneficiaries. You must follow any investment strategies or guidelines outlined in the trust document. If the trust grants broad discretion, assess suitable options for growing and investing the assets while balancing risk.
Consider various factors relevant to the trust or beneficiaries in your investment decisions. These include economic conditions, inflation, projected tax outcomes, liquidity needs, and income stability. For example, in a trust containing stock investments, you should evaluate market trends and the tax consequences of selling stocks.
Additionally, you must create trust-specific bank accounts for financial transactions to keep trust funds separate from personal accounts. This separation helps prevent legal issues and ensures clear, accurate records of all trust-related activities.
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